Future Generali FY12 GWP up by 53 per cent at Rs 936 crore

MUMBAI: Private general insurance player Future Generali India today posted a 53 per cent growth total premium collection at Rs 936 crore in its fourth full year of operations ending March 31, 2012.

The company's gross written premium in FY11 stood at Rs 612 crore, Future Generali India said in a release issued here.

"We have witnessed a significant growth across all our lines of business. It is particularly encouraging given the increasingly competitive and volatile market scenario with the continued pressure on premium rates," Future Generali India Insurance Managing Director and CEO KG Krishnamoorthy Rao said.

"Our focus remains on ensuring our continued delivery of high quality customer-centric products and services at competitive prices while maintaining a healthy balanced portfolio across business lines," Rao said.

Motor Insurance business contributes 57 per cent to Future Generali's total business at Rs 535 crore compared to Rs 319 crore in FY11.

Contribution of accident and health vertical is at Rs 176 crore in FY12 against Rs 133 crore in the previous fiscal.

The company has a positive outlook and expect healthy growth to continue, he said.

"Through our unique mallassurance channel as well as our robust and growing agency and bancassurance channels, we are looking at significantly increasing our retail insurance presence this year," he mentioned.

Future Generali India Insurance, which operates out of 84 branches across the country, is a joint venture between India's Future Group and the Generali Group of Italy.